Tax Information

Mutual Funds

Low Duration Municipal Fund

The Thornburg Low Duration Municipal Fund, (the "Fund") did not declare capital gain dividends during
2017.

Reporting Requirements for your 2017 Federal Return: Individuals

Your dividends from the Fund must be reported on your 2017 federal income tax return. For the 2017 calendar year,
100.00% of the dividends paid by the Fund are exempt from regular federal income tax (box 10 of Form 1099-DIV). To the
best of our knowledge, none of the income earned by the Fund is subject to the alternative minimum tax applicable to individuals.

Special Requirements for Corporations

Interest on all tax-exempt investments owned by a corporation, including income dividends on shares of the Fund, should
be included in the corporation’s adjusted net book income for purposes of calculating the alternative minimum taxable
income of the corporation.

State-by-State Breakdown

Below is a table showing the percentage breakdown by state or U.S. possession of the income earned by the
Fund for those states or possessions in which the Fund had investments at any time during 2017.

Reporting Requirements for your 2017 State of Indiana Return: Individuals

Indiana residents who owned shares in the Fund, a portion of the dividends may be exempt from Indiana state income tax.

Interest earned from certain bonds, notes, and municipal bonds issued by non-federal governmental entities outside of
Indiana are now subject to Indiana state income tax if acquired on or after January 1, 2012. Previously, Indiana provided an
exemption for interest earned from non-Indiana sources.

For the calendar year 2017, the Fund generated 94.84% of earned income from non-Indiana bonds purchased on or after
January 1, 2012. The Fund generated 5.16% of earned income from all Indiana bonds plus non-Indiana bonds purchased
prior to January 1, 2012.

To determine the amount of the 2017 dividends that are subject to Indiana state income tax, multiply the taxable percentage
of 94.84% by the federal tax exempt dividends in box 10 of Form 1099-DIV. To determine the amount of 2017 dividends
that may be exempt from Indiana state income tax, multiply the Indiana exempt percentage of 5.16% by the federal tax
exempt dividends in box 10 of Form 1099-DIV.

Remember: State and local taxes vary. Please contact your tax advisor for information on those taxes.

The following listing represents the percentage breakdown by state or U.S. possession of the income paid by the Fund for
those states or possessions in which the Fund had investments at any time during 2017. State and local taxes vary, and we
suggest that you contact your tax advisor with respect to these taxes. Please retain this notice for your records.

State

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Average 2017

Alabama

0.00%

0.00%

0.73%

1.78%

1.99%

1.84%

1.88%

1.86%

1.76%

1.77%

1.69%

1.61%

1.41%

Alaska

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

Arizona

0.00%

0.00%

0.93%

1.00%

0.98%

1.03%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.33%

Arkansas

0.26%

0.39%

0.33%

0.32%

0.34%

0.34%

0.32%

0.32%

0.33%

0.30%

0.30%

0.26%

0.32%

California

21.32%

7.68%

7.35%

6.69%

7.15%

6.90%

9.35%

9.63%

8.39%

8.02%

8.04%

7.74%

9.01%

Colorado

1.34%

0.92%

0.91%

1.79%

0.98%

0.46%

0.42%

0.42%

0.44%

0.40%

0.42%

1.41%

0.83%

Connecticut

1.00%

3.83%

4.28%

4.02%

4.42%

4.05%

4.22%

4.11%

3.90%

4.05%

3.77%

3.59%

3.77%

Delaware

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

District of Columbia

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

Florida

4.24%

3.39%

2.92%

2.07%

1.02%

1.59%

1.72%

1.95%

1.44%

1.20%

1.11%

1.60%

2.02%

Georgia

1.38%

2.82%

3.38%

1.43%

1.53%

1.48%

1.46%

1.44%

1.43%

1.37%

1.37%

1.79%

1.74%

Guam

1.33%

3.33%

4.73%

4.46%

4.79%

4.64%

4.56%

4.50%

4.46%

4.28%

4.08%

3.55%

4.06%

Hawaii

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.63%

1.21%

1.13%

1.31%

0.36%

Idaho

0.29%

0.41%

0.37%

0.35%

0.37%

0.35%

0.42%

0.45%

0.47%

0.43%

0.46%

0.39%

0.40%

Illinois

10.55%

16.51%

15.24%

15.38%

16.81%

16.89%

16.50%

16.16%

15.51%

15.73%

14.73%

15.05%

15.41%

Indiana

1.48%

1.97%

1.49%

1.18%

1.18%

1.22%

0.98%

0.80%

0.86%

0.76%

0.82%

1.13%

1.16%

Iowa

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

Kansas

2.66%

3.92%

3.38%

3.28%

3.39%

3.38%

3.19%

3.15%

3.24%

3.00%

3.12%

2.65%

3.20%

Kentucky

1.13%

1.69%

1.44%

2.75%

3.09%

2.98%

2.93%

2.89%

2.85%

2.75%

2.67%

2.43%

2.47%

Louisiana

0.12%

0.18%

0.15%

0.15%

0.15%

0.15%

0.14%

0.14%

0.15%

0.14%

0.14%

0.00%

0.13%

Maine

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

Maryland

0.19%

0.29%

0.02%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.04%

Massachusetts

8.39%

3.41%

3.60%

3.26%

3.61%

3.47%

3.05%

3.27%

3.27%

3.30%

3.49%

2.61%

3.73%

Michigan

2.08%

3.20%

2.64%

2.61%

2.54%

2.56%

2.40%

2.37%

2.45%

2.26%

2.23%

1.92%

2.44%

Minnesota

0.80%

0.03%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.07%

Mississippi

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

Missouri

1.72%

1.29%

1.40%

1.13%

0.08%

0.00%

0.39%

0.56%

0.56%

0.53%

-0.06%

0.72%

0.69%

Montana

0.31%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.03%

Nebraska

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

Nevada

0.25%

0.44%

0.32%

0.34%

0.32%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.37%

0.17%

New Hampshire

0.25%

0.00%

0.07%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.07%

1.33%

0.14%

New Jersey

9.06%

15.14%

14.73%

13.72%

14.79%

14.16%

13.94%

13.77%

13.62%

13.39%

13.29%

11.49%

13.42%

New Mexico

1.59%

1.99%

2.03%

1.85%

2.03%

1.92%

1.92%

1.90%

1.84%

1.79%

1.75%

3.28%

1.99%

New York

7.43%

7.03%

6.17%

5.45%

5.53%

5.65%

5.50%

5.72%

7.11%

7.24%

6.87%

9.00%

6.56%

North Carolina

0.69%

1.26%

1.28%

1.82%

-1.69%

1.20%

0.84%

0.83%

0.23%

0.28%

0.70%

0.00%

0.62%

North Dakota

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

Ohio

0.76%

0.32%

0.03%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

1.07%

0.26%

1.30%

0.31%

Oklahoma

1.37%

1.91%

1.45%

1.46%

1.44%

1.51%

1.36%

1.35%

1.78%

1.20%

1.31%

1.09%

1.44%

Oregon

4.99%

0.35%

0.30%

0.29%

0.30%

0.29%

0.00%

0.00%

0.00%

0.80%

0.95%

0.79%

0.76%

Pennsylvania

5.78%

6.84%

6.93%

8.88%

9.78%

9.01%

9.04%

8.28%

7.80%

8.29%

9.75%

8.57%

8.25%

Puerto Rico

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

Rhode Island

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

South Carolina

0.98%

1.53%

1.25%

1.76%

2.67%

2.64%

2.54%

2.51%

2.54%

2.07%

2.10%

1.38%

2.00%

South Dakota

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

Tennessee

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

Texas

3.41%

4.59%

7.48%

8.36%

7.85%

7.79%

8.51%

9.38%

10.34%

9.85%

11.67%

10.39%

8.29%

US Virgin Islands

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

Utah

0.85%

0.57%

0.11%

0.00%

0.00%

0.00%

0.00%

0.33%

1.06%

1.11%

0.29%

0.27%

0.38%

Vermont

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

Virginia

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

Washington

0.97%

1.55%

1.24%

1.24%

1.24%

1.28%

1.17%

1.16%

1.23%

1.10%

1.18%

0.70%

1.17%

West Virginia

0.27%

0.32%

0.35%

0.31%

0.35%

0.32%

0.33%

0.33%

0.31%

0.31%

0.30%

0.28%

0.32%

Wisconsin

0.76%

0.90%

0.97%

0.87%

0.97%

0.90%

0.92%

0.42%

0.00%

0.00%

0.00%

0.00%

0.56%

Wyoming

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

Non State Tax Exempt

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

Total

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

Tax rules are complex. Please consult your tax advisor.

Important InformationBefore investing, carefully consider the Fund’s investment goals, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit our literature center. Read them carefully before investing.

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Investments carry risks, including possible loss of principal. Portfolios investing in bonds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds. The value of bonds will fluctuate relative to changes in interest rates, decreasing when interest rates rise. Unlike bonds, bond funds have ongoing fees and expenses. Investments in mortgage-backed securities (MBS) may bear additional risk. Investments in the Fund are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity.

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